Via Ed Morrissey. This video, about nine minutes long, opens with then-HUD Secretary Andrew Cuomo in 1998 explaining how the government was using legal coercion to force a bank to give mortgage loans to low-income and minority borrowers who otherwise wouldn’t qualify. He then made it clear that this would be a continuing government policy and he acknowledged this would increase the risk of defaults. This is direct evidence that the government was interfering with markets to arrange outcomes — social engineering was more important than sound economic policy.
The video then covers the actions of ACORN and Barack Obama, who admits his role in helping create this mess:
Remember, Barack Obama early in his career was a community organizer who helped train ACORN workers, and he later was an attorney who represented them in their efforts to intimidate banks into making more subprime loans available. The success of these efforts in Chicago had a nationwide influence, and Barack Obama had a direct hand in them.
Watch this video. Send the link to friends. We are on the verge of rewarding the party and the man who laid the groundwork for this fiasco with control of the government. Yes, Wall Street was greedy, but the Democratic Party and people like Barack Obama, Barney Frank, Chris Dodd, Greg Meeks, Franklin Raines and so many more plowed the field so that greed could grow. Remember that on election day.
LINKS: More from AJ Strata, who notes Obama saying that the point was to spread the risk not just across America, but the globe. That turned out real good, didn’t it?